Pete Wargent blogspot

Co-founder & CEO of AllenWargent property buyer's agents, offices in Brisbane (Riverside) & Sydney (Martin Place), & CEO of WargentAdvisory (providing subscription analysis, reports & services to institutional clients).

5 x finance/investment author - 'Get a Financial Grip: a simple plan for financial freedom’ (2012) rated Top 10 finance books by Money Magazine & Dymocks.

"Unfortunately so much commentary is self-serving or sensationalist. Pete Wargent shines through with his clear, sober & dispassionate analysis of the housing market, which is so valuable. Pete drills into the facts & unlocks the details that others gloss over in their rush to get a headline. On housing Pete is a must read, must follow - he's one of the finest property analysts in Australia" - Stephen Koukoulas, MD of Market Economics, former Senior Economics Adviser to Prime Minister Gillard.

"Pete is one of Australia's brightest financial minds - a must-follow for articulate, accurate & in-depth analysis." - David Scutt, Business Insider, leading Australian market analyst.

"I've been investing for over 40 years & read nearly every investment book ever written, yet I still learned new concepts in his books. Pete Wargent is one of Australia's finest young financial commentators." - Michael Yardney, Australia's leading property expert, Amazon #1 best-selling author.

"The most knowledgeable person on Aussie real estate markets - Pete's work is great, loads of good data & charts, the most comprehensive analyst I follow in Australia. If you follow Australia, follow Pete Wargent" - Jonathan Tepper, Variant Perception, Global Macroeconomic Research, author of the New York Times bestsellers 'End Game' & 'Code Red'.

"The level of detail in Pete's work is superlative across all of Australia's housing markets" - Grant Williams, co-founder RealVision - where world class experts share their thoughts on economics & finance - author of Things That Make You Go Hmmm, one of the world's most popular & widely-read financial publications.

"Wargent is a bald-faced realty foghorn" - David Llewellyn-Smith, 'MacroBusiness'.

Monday, 20 April 2015

Asking prices in UK surge to highest ever level

UK asking prices record high

Rightmove released its Asking Price Index for the month of April 2015, which showed UK average asking prices increasing by +1.6 per cent month-on-month to £286,333.

This puts UK asking prices at their highest ever level, reflective of a housing shortage in the south-east in particular in concert with incredibly cheap borrowing rates.

Sentiment in the London market has eased since 2014 with asking prices increasing by +2.5 per cent in the month to £595,585 (+6.8 per cent year-on-year).

It appears unlikely that much will change in this regard in London in the lead up to the election as political uncertainty abounds.

Smoothed on a rolling annual basis it is notable that the London market seems to be reaching a plateau, while asking prices nationwide continue their recovery.

UK house prices have now completely recovered from their financial crisis decline and are up by 4.7 per cent over the past year, although in truth the regional indices do indicate that London and the south-east regions have skewed the national results higher.

The impact of last year's Mortgage Market Review (MMR) and its "gumming up" of the recovery through Sarbanes-Oxley style box-ticking requirements is also clearly visible.

Housing shortage bites

Rightmove reportedly experienced its busiest ever month in March with 115 million visitors, an increase of almost 20 per cent year-on-year. 

In the south of the country where the UK housing shortage is at its most acute the average asking price has increased by £85,000 or 27.5 per cent since the last election in May 2010.

Despite record interest in the market on Rightmove's measures, the number of properties listed for sale has declined by 4 per cent over the past year.